Hotel Shilla CEO to sell W440b of Samsung shares

International news
Lee Boo-jin, the president and chief executive of Hotel Shilla, will reportedly sell some 440 billion won ($325 million) in Samsung Electronics stock, in an apparent bid to pay off her inheritance tax.

Industry sources revealed Tuesday that Lee, a member of the Samsung Group founding family, is assessing buyer demand for a block deal involving 5,247,140 shares in the tech giant. Should the sale proceed, her shareholding in Samsung Electronics would decrease from 0.89 percent to 0.8 percent.

The share price is expected to fall within the range of 83,700 to 84,500 won apiece, representing a discount of around 0.95 percent compared to Monday's closing price of 84,500 won. That would set the total sales amount at 446.7 billion won.

In a recent regulatory filing, Samsung Electronics disclosed that Lee had entered into a trust agreement with Hana Bank on March 15, aiming to dispose of a 0.09 percent stake in the company by April 22. The filing stated that the purpose was to repay loans.